You'll pardon my french, but are you nuts?
"we just had a major correction"
Major correction? A few percent on the DOW, and 10% on the Nasdaq and you call that a major correction? Maybe if it had gained 10-15% over the past couple of years, but it was up what...25% YTD before this started. No offense intended, but if you think this is a major correction, you're in for a surprise.
"I cannot conceive of the market going down forever"
Once again, I must disagree. If anything, we've been going up forever. Like I mentioned above, the Nasdaq has gone pretty much parabolic before this decline and has risen quite impressively since October '98...so I wouldn't consider a 2 week decline 'forever'.
I wouldn't be surprised to see a little rebound here shortly, but I wouldn't trust it for an instance if you were going long. Not yet. Way too much downward risk. There's support lines being broken everywhere, and the Internet stocks are getting absolutely destroyed. Rate fears won't go away too quickly, even if the employment number tomorrow isn't as bad as people fear. Worst of all is the dollar problems. Treasury has pretty much said that they won't intervene to prop up the dollar unless things get worse. I wouldn't be surprised to see that come pretty darn quickly.
Just my opinions on what's going on...I didn't mean to trash your post or anything, I just disagree.
Cheers,
Rich |
